El Salvador Pro-Bitcoin President Registers for Re-election in 2024

El Salvador President Nayib Bukele has recently made public his intention to seek reelection in the upcoming 2024 presidential election set for February. Bukele, a prominent figure in Salvadoran politics, received a nomination from his party Neuva (New) Ideas, solidifying his bid.

Addressing a large crowd of Salvadorans, Bukele expressed his national aspirations, stating, “Five more [years], five more and not one step back.” He stressed the necessity of a continuous trajectory for the betterment of El Salvador.

Bukele’s 2019 ascent to power brought a notable change to El Salvador’s political landscape, disrupting the long-established control of dominant parties.

The move for reelection, however, has been met with criticism. Critics, such as Salvadoran lawyer Alfonso Fajardo, have cited constitutional barriers that might impede Bukele’s reelection bid. Fajardo emphasized that the Salvadoran constitution explicitly prohibits immediate presidential reelection for up to seven terms.

Hoy es un buen día para recordar que la reelección presidencial inmediata está prohibida hasta 7 veces por la Constitución. Solamente. pic.twitter.com/Jy2gv5AtGv

— Alfonso Fajardo (@AlfonsoFajardoC) October 26, 2023

Nonetheless, The 2021 Supreme Court ruling sanctioned consecutive presidential terms, providing a foundation for Bukele’s bid for reelection.

Bukele’s party, New Ideas, has garnered substantial support within the Salvadoran populace. According to a study by a Salvadoran university, the party has the support of 70% of voters.

Bukele’s adoption of Bitcoin as a legal tender encountered legal challenges from the Farabundo Martí National Liberation Front (FMLN). El Salvador continued with its plans and officially implemented Bitcoin as legal tender in September 2021.

El Salvador Shift Toward Tech and Bukele’s Anti-Crime Measures

Under Bukele’s leadership, the Salvadoran government introduced several tech-friendly policies designed to boost the nation’s economic growth, including the removal of taxes on technological innovations. Gabor Gurbacs, a strategy advisor at VanEck, expressed optimism about El Salvador’s potential as a leading tech hub.

Bukele’s strong stance against MS-13, a transnational gang responsible for contributing to El Salvador’s high crime rates in the past, has significantly contributed to his popularity. His crackdown on the gang has significantly reduced the homicide rate, representing a major security milestone for the country.

The United Nations and other critics have raised concerns about potential human rights violations, particularly the legal representation of prisoners.

The upcoming February 4, 2024, presidential election is a pivotal moment for Salvadoran politics, determining President Bukele’s potential second term.